Money Home owner willing to accept Bitcoin as payment could make history

09:11  28 november  2017
09:11  28 november  2017 Source:   MSN

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Each time a new retailer began accepting Bitcoin as payment a few years ago, Mike Komaransky made a small purchase to signal his In 2014, Las Vegas developer and former casino owner Jack Sommer made headlines when he announced he would accept Bitcoin for his .85 million home .

Therefore, theoretically, a bitcoin can 't be devalued. The system is based on a deflationary economic model. As a result, the value of each bitcoin will rise in the long run, or so the argument goes. Additionally, companies such as BitPay enable businesses to accept bitcoins as payment and then

Bitcoin has become a valuable commodity across the world, now a Melbourne father is putting it to new use, accepting it as part payment for his $825,000 home.

Robert Gadd has spent 18 months constructing the five-bedroom home in the foothills of the Dandenongs and has put it on the market.

And while the lucrative offer of bitcoin accepted as a payment method, analysts have already issued warnings over the currency.

"It's something different, it’s never been done before,” Mr Gadd told 9NEWS.

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It has been suggested that this article is merged with Merchant Howto. This guide is intended for small business owners who wish to help promote Bitcoin by accepting it as payment for goods and services.

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“There's a lot of people with crypto-currency we believe there's an opportunity to tap in to that market and accept some,” he said.

Bitcoin operates as peer-to-peer finance, allowing instant transactions between two parties anywhere in the world.

But there's no middle party, unlike mobile banking, where money is sent through a financial institution.

The value of the invisible currency has soared since April. Then it was valued at just over $1000, this afternoon it pushed close to $13,000.

"The last few months in bitcoin have been very good. I think it's clear skies ahead," Mr Gadd said.

This house is on the market for $825,000 to $890,000. © Nine News This house is on the market for $825,000 to $890,000. The father-of-two has been interested in the digital currency for more than six months.

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He admits at first he was cautious.

"Like any new investment I'm always a little bit weary I like to do my research."

But this is a gamble, if he accepts a price, and bitcoin's value plummets, he'll lose out.

On the flip side, if it continues to grow, he could be very wealthy. But he won't for a moment consider accepting the full price in bitcoin.

"We wouldn't take a full payment I'm not that risky. Definitely we're open to offers and we'll see what happens with the market."

The idea of buying a home with the digital currency has perplexed some prospective buyers, like new parents Rebecca and Shaun Black. The couple is looking to upsize for a growing family.

But they're not sold on the currency format.

"I'm very unsure about bitcoin. It wouldn't be down our ally," Mr Black said.

Mrs Black was a little more emphatic, "We don't know what bitcoin is and we don't have any. So we certainly won't be using it."

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It's a new venture for real estate agent John Garnett.

"I thought he was crazy. I'd never been involved in a transaction like that before,” he said.

“I didn't know it was possible.”

But it is…Consumer Affairs Victoria has given the idea the tick of legal approval.

It says under contract law the purchase price of a property, including the deposit, can be cash, or any other asset or security, including bitcoins.

The Australian Taxation Office does treat bitcoins as an asset and requires that full transaction records be kept. Any stamp duty though cannot be paid to the government in bitcoin, that must be cash.

Recent spikes in value have raised more interest in the market.

People like Rick Falkvinge, the CEO of Bitcoin Cash, said the value of the currency could push beyond $AUD1 Million.

"It is useful and it is scarce, meaning there's not an infinite supply of it," he told RT.

The prospect of potentially striking it rich, has Mr Gadd cautiously optimistic.

"I like to keep the emotions a little bit at ease," he told 9NEWS.

But then there's the critics, cautious that like any investment the bubble could burst.

Jamie Dimon, the CEO of JP Morgan Chase, has been scathing

"If you're stupid enough to buy it. You'll pay the price one day. There is a use case for Bitcoin if you live in Venezuela or North Korea, or if you're a criminal. It's a great product," he told investors.

The currency has been hit with scandal too. Recently $31 million was scammed, and that sent the value plummeting.

Analysts say it's certainly a case of investor beware.

But don't worry, if you're still interested in Mr Gadd's five-bedroom home at the Basin, cash will still be accepted.

It's on the market for $825,000 to $890,000.

Bitcoin exchange NiceHash robbed of $64 million from its wallet .
As the value of Bitcoin soars, it also turns holders of large volumes of the currency into prime targets for thieves. For those keeping score, that’s about 4,700 BTC, each worth about $13,617 at the time of the breach.

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